Abu Dhabi – Mubasher: Borouge recorded 29% lower net profits at $1 billion in 2023, compared to $1.40 billion in the 12-month period that ended on 31 December 2022.
The firm generated revenue amounting to $5.79 billion in 2023, down 14% year-on-year (YoY) from $6.72 billion, according to the consolidated financial results.
Income Statements for Q4-23
During the fourth quarter (Q4) of 2023, the company’s net profits reached $288 million, an annual rise of 16% from $247 million.
Revenues declined by 5% YoY to $1.49 billion in the October-December 2023 period from $1.59 billion.
Quarterly, the net profits generated in Q4-23 increased by 2% from $282 million in Q3-23, while the revenues remained unchanged at $1.49 billion.
Hazeem Sultan Al Suwaidi, CEO of Borouge, commented: “Operational efficiencies played a significant role in driving bottom-line performance with our Value Enhancement Programme delivering beyond its set targets.”
The CEO added: “Looking ahead, Borouge will remain agile in adapting to market dynamics and our customers’ evolving needs.”
Dividends
The board of Borouge proposed an interim cash dividend distribution of $650 million (AED 2.38 billion) for the second half (H2) of 2023.
The 7.90 fils per share recommendation is still subject to the approval of the shareholders in the coming general assembly meeting.
Al Suwaidi highlighted: “Building on our strong dividend track record, we are pleased to announce our intention to distribute $1.30 billion in cash dividends for 2024, highlighting our dedication to delivering shareholder value through the cycle.”
